NZD/USD Intraday technical levels and trading recommendations for April 18, 2017
April 18, 2017 6:53 am
The NZD/USD pair was trapped within the depicted price range (0.6860-0.6990) until a bullish breakout occurred.
A bullish breakout above 0.6960-0.7000 allowed the pair to head toward the price level of 0.7100 (the key level) which failed to provide sufficient bearish pressure on the pair.
Bullish persistence above 0.7100 allowed a further advance toward 0.7250-0.7350 (Sell-Zone) where the bearish price action was expected.
Bearish persistence below 0.7250 allowed a further decline toward 0.7100 then 0.6960 which failed to provide enough support for the pair.
That is why a further fall was expected toward 0.6860 (the lower limit of the depicted BUY zone) where a bullish position was suggested in previous articles.
Recently, a bullish breakout was achieved above the depicted key level (0.6960).
That is why, the recent bearish pullback toward 0.6960 offered significant bullish rejection and a valid BUY entry which is running in profits now.
On the other hand, the price level of 0.7100 remains a significant key level to be watched for bearish price action when bullish pullback extends above 0.7040.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
The NZD/USD pair was trapped within the depicted price range (0.6860-0.6990) until a bullish breakout occurred.
A bullish breakout above 0.6960-0.7000 allowed the pair to head toward the price level of 0.7100 (the key level) which failed to provide sufficient bearish pressure on the pair.
Bullish persistence above 0.7100 allowed a further advance toward 0.7250-0.7350 (Sell-Zone) where the bearish price action was expected.
Bearish persistence below 0.7250 allowed a further decline toward 0.7100 then 0.6960 which failed to provide enough support for the pair.
That is why a further fall was expected toward 0.6860 (the lower limit of the depicted BUY zone) where a bullish position was suggested in previous articles.
Recently, a bullish breakout was achieved above the depicted key level (0.6960).
That is why, the recent bearish pullback toward 0.6960 offered significant bullish rejection and a valid BUY entry which is running in profits now.
On the other hand, the price level of 0.7100 remains a significant key level to be watched for bearish price action when bullish pullback extends above 0.7040.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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